12 states miss out on $4.5m World Bank fiscal transparency grant

THE World Bank, on Tuesday, said 12 states missed out on its $4.5 million (N1.37 billion) State Fiscal Transparency, Accountability and Sustainability (SFTAS)  Programme for Results 2018 grant for not meeting the eligibility criteria.

Ms Yue Lee, Senior Economist and SFTAS Team Leader, World Bank Office in Nigeria, made the disclosure at the ongoing Federation Account Allocation Committee (FAAC)  2020 retreat in Lagos.

She said the Annual Performance Assessment (APA) for 2018 would be published on the SFTAS website which would soon become operational, while disbursement to the 24 benefiting states would begin in March.

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The News Agency of Nigeria (NAN) reported that the SFTAS is an agreement signed between the Federal Government and the World Bank, designed to strengthen the fiscal transparency, accountability and sustainability in Nigerian states.

It aims to improve their revenue base, increase fiscal efficiency in public expenditure and reduce their debts with a grant of $750 million open to the 36 states between 2018 and 2021, according to their performances.

Lee said the states which were declared ineligible for 2018 failed to publish their annual budgets and audited financial statements as stipulated by the Disbursement-Linked Indicators (DLI), among others.

She expressed optimism that most states would meet the 2019 eligibility criteria and would, therefore, be able to benefit from the grant.